Germany-based steelmaker Salzgitter Group has announced its preliminary financial results for the first quarter of the current year, generating €1.9 billion of external sales, decreasing from €2.3 billion in the same quarter of 2015. In the first quarter this year, the company’s pre-tax earnings amounted to €3.1 million, decreasing from the €58.1 million recorded in the corresponding quarter of last year. Salzgitter stated that it generated breakeven pre-tax financial results as a result of the sustainable success of its restructuring projects in an extremely challenging market environment.
According to Salzgitter, the pre-tax earnings comprise a positive contribution of €11.6 million anticipated from Germany-based copper producer Aurubis.
For the full year of 2016, Salzgitter anticipates operating pre-tax earnings around breakeven, depending on when various EU measures against dumped steel imports take effect, as well as net of non-recurrent expenses for specific measures aimed at structural improvements within the company.